GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose marginally against the USD and closed at 1.6811.
Yesterday, the Confederation of British Industry (CBI) Growth Indicator revealed that the economic growth in the UK continued to accelerate in April, alongside projections of even stronger growth in the next quarter, The CBI further stated that the outlook for the next three months is exceptionally strong and broad-based with growth expectations the strongest since the data began in 2003.
On the macro front, the Lloyds business barometer in UK surged to 66.0 in April, compared to 44.0 recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6813, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6780, and a fall through could take it to the next support level of 1.6746. The pair is expected to find its first resistance at 1.6853, and a rise through could take it to the next resistance level of 1.6892.
Market participants keenly await the release of the UK’s GDP data, which is widely expected to show that the UK economy might have registered a strong growth in the first three months of 2014. Also later today, the GfK Group is scheduled to publish its consumer confidence data for the UK economy.
The currency pair is trading just below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
